Author: news update

Pakistan (Muhammad Yasir)

Employers worldwide, particularly those in countries facing a talent crunch, are keen to tap into the pool of finance and accountancy professionals in Pakistan, with outsourcing and remote work opportunities becoming increasingly popular.

Employers worldwide trust professionals with the ACCA designation, indicating the person has the right combination of skills, experience, and ethics to lead the organization into the future. Almost half of ACCA members from Pakistan are currently working overseas, with the UK, Australia, the U.S., Canada and the UAE being the most sought-after destinations.

The accountancy field is known to provide career security in turbulent times, and given the changing world, accountancy is seen as a smart career choice for its flexibility, global mobility and growth prospects. The stability, rewards, and opportunities the profession offers remain highly appealing, with long-term career prospects seen as the number one benefit of a career in finance.

Opportunities for finance professionals are only increasing, particularly for those with the sustainability-focused green skills. Exciting opportunities await accountants in sustainable finance and reporting. According to a recent ACCA study, 69% of respondents believe that accountants will play a more significant role in helping organizations address sustainability and climate change issues in the future.

With a presence in 178 countries and regions, ACCA provides a global passport for Pakistani professionals with the talent and ambition to build rewarding global careers.

 

Pakistan (Muhammad Yasir)

Finance professionals working in the public sector play a crucial role in addressing sustainability and climate change issues. ACCA’s (the Association of Chartered Certified Accountants) Global Talent Trends survey shows three out of four public sector respondents agree that accountants will play a bigger part in helping organisations address this agenda in the future.

In one of the largest ever studies across the accountancy profession, ACCA’s inaugural Global Talent Trends Survey 2023 provides a unique and vital view of how people feel about working in the finance profession right now. Finance professionals working in the public sector share many of the same concerns as the wider profession, but there are some differences.

ACCA’s research highlighted seven key talent trends for the public sector.

1. Inflation is fueling wage pressure: the impact of rising prices on salaries is more of a concern for public sector employees than for any other sector.
2. Hybrid work is a work in progress: a significantly lower proportion of public sector employees have adopted hybrid and remote working practices compared to the private sector. 71% of public sector financial professionals are fully office based compared to 57% in all sectors.
3. Addressing burnout must be a priority: just over half of public sector financial professionals (52%) believe their employers do not consider employee mental health to be a priority.
4. Mobility is driving a possible talent crunch: public sector respondents indicated a similar level of mobility to the average of all sectors. However, amongst those planning to move roles, 4 in 10 public sector finance professionals expect to move internally in the next two years, while 5 in 10 are predicting an external move.
5. Technology is empowering but training is key: 88% of those in the public sector want more technology training as they recognise the power technology has in supporting finance professionals to add more value. But 40% fear technology will replace all or part of their role.
6. Inclusivity is strong but perceptions about social mobility are more troubling: 61% of public sector financial professionals think their organisation is inclusive (compared to 68% of all sectors), while 49% in all sectors (including public) have the perception that a lower socio-economic background is a barrier to progress.
7. In turbulent times accountancy provides career security: public sector financial professionals see the key benefits to a career in this sector as the opportunity to gain a professional qualification (38%); having a job with purpose (27%) and the ability to make an impact (23%) – scores which outstripped all sectors at 33%,23% and 17% respectively.

Jamie Lyon, head of skills, sectors and technology at ACCA, said: ‘Developing the talent of tomorrow is one of the top priorities for the accountancy profession, especially in the public sector. ACCA’s inaugural annual talent trends survey ensures the voice of those working in the profession – including the public sector – is heard and that the profession helps create a working environment where today’s professionals thrive and where tomorrow’s talent wants to be.’

As well as providing valuable insights the report sets out the ways in which ACCA supports employers, student and members, as well as the wider public sector.

Mark Johnson, senior subject manager, public sector, ACCA, said: ‘These findings have important implications for public sector employers as they seek to retain and attract finance professionals to careers in the sector. While the sector faces its challenges, those working in accountancy and finance in the public sector see the ability to make a real difference to people’s lives as a key aspect of their roles. This new report is intended to support a workforce of vibrant and dynamic public sector finance professionals to drive through essential public financial management reforms.’

“The timing of this research is appropriate for Pakistan, considering the growing emphasis on professionalisation, technology-driven value creation, and green budgeting in the public sector. These are recognised as crucial elements in achieving a significant improvement in public sector financial management,” stated Assad Hameed Khan, head of ACCA Pakistan.

 

Investors seeking to place reliance on corporate sustainability information are driving unprecedented demand for assurance in this emerging area.

This represents a challenge and an opportunity for the global accountancy profession. In response the profession is engaged in determining the framework within which assurance engagements should be carried out and who is best qualified to perform the work.

Using the core assurance skills obtained through the experience of auditing financial statements, the accountancy profession – alongside others performing assurance engagements – is well placed to satisfy this demand.

ACCA’s report Sustainability Assurance – Rising to the Challenge describes the landscape for sustainability assurance and introduces the extant standard and guidance issued by the International Auditing and Assurance Board (IAASB).Sustainability Assurance – Rising to the Challenge sets out the key issues faced by practitioners providing this assurance work.

ACCA’s research – supported by evidence gathered from a series of virtual global roundtables held in 2022 and 2023, with assurance practitioners and other representatives involved with audit and assurance policy-related matters – sets out seven key messages:

 

• To avoid a new ‘sustainability assurance expectation gap’ ACCA stresses the importance of international and national standard setters explain what ‘limited assurance’ and ‘reasonable assurance’ mean, and the key differences between the two.

 

• Standard setters should consider the risk of misleading reporting – green washing – when developing reporting and assurance standards.

 

• A concept to deal with estimates should be a key focus for the IAASB as much sustainability reporting and assurance work is often based on hypothetical scenarios.

 

• The unprecedented dependence on subject matter experts (SMEs) for sustainability assurance engagements may suggest the need for further standards and guidance on how to rely on their work.

 

• The assurance report – the end-product – should be seen as a key priority area by standard setters and policy makers, particularly in dealing with limited/reasonable differences.

 

• Assurance skills obtained through audit experience remain vital in performing sustainability assurance engagements.

 

• ISAE 3000 (Revised) and the Sustainability/EER guidance provide a strong foundation for those intending to undertake sustainability assurance engagements before the IAASB’s overarching standard is finalised.

Report co-author, Marianna Rogdaki, Audit & Ethics Lead, ACCA says: ‘ACCA recognises that  it can be a real challenge for practitioners new to this area to come to grips with both the risks and the opportunities of taking on sustainability assurance engagements. This report aims to raise awareness of the current landscape as a good starting point for practitioners to get involved.’

She adds: ‘It is clear that the demand for sustainability information is now higher than ever, with regulators across the globe considering mandatory reporting and assurance requirements.

‘Most notably in the European Union, the European Commission has replaced the Non-Financial Reporting Directive (NFRD) with the Corporate Sustainability Reporting Directive (CSRD) introducing mandatory requirements for more entities, alongside requirements for assurance over published information.’

Report co-author, Antonis Diolas, Head of Audit and Assurance, Policy & Insights, ACCA, says: ‘In our roundtable the importance of professional scepticism was noted. Given the immaturity of sustainability reporting, professional scepticism is even more important where subjective statement often forms part of sustainability reports and are not backed up with sufficient appropriate evidence.’

The report commends the IAASB, the International Sustainability Standards Board (ISSB), and the International Ethics Standards Board for Accountants (IESBA) for their respective swift responses to the call for international sustainability reporting, assurance and ethical standards, reducing the risk of fragmentation.

 

Read the full report here https://www.accaglobal.com/gb/en/professional-insights/global-profession/sustainability-assurance-rising-to-challenge.html

Pakistan (Muhammad Yasir)

ACCA (the Association of Chartered Certified Accountants) brought together key public financial management stakeholders at the Pakistan Public Sector Conference 2023 held here in Islamabad yesterday. The leaders explored the challenges and the solutions that face public sector professionals as they work towards transforming the public sector finance. The conference was aimed at developing a knowledge sharing platform in Pakistan for key public sector stakeholders, including the government, international development partners, public sector finance professionals and other key enablers in the public sector ecosystem.

The importance of professionalisation and strengthening of Public Financial Management (PFM) remained the main focus of the conversations, as well as the evolving role of finance professionals in building public trust.

Tariq Bajwa, Special Assistant to the Prime Minister on Finance, was the Chief Guest who spoke about the evolving role of finance leadership in the public sector and emphasised on the importance of promoting sustainability-driven capacity building, policies and practices in the public sector.

In the opening remarks, Assad Hameed Khan, Head of ACCA Pakistan, said:

‘Accountancy is at the centre of public sector transformation in Pakistan. Finance professionals need the right skills to improve PFM and drive policy and spending decisions resulting in a resilient, inclusive and sustainable economic development of Pakistan.’

‘ACCA’s 67,000 public sector members and future members around the world make an extraordinary difference to the lives of so many, playing a key role in the delivery of public services and setting the regulatory environment to meet societies’ global challenges,’ he added.

Dr Irum Anjum Khan, Additional Auditor General, Office of Auditor General of Pakistan, delivered the Guest of Honour address and expanded on the role of the Supreme Audit Institution in building and enhancing public trust in the public sector.

The event also featured two insightful panel discussions with representation from key public sector stakeholders and other key enablers in the public sector ecosystem.

The first panel, moderated by ShahBano Khan, focused on the need to strengthen professionalisation in the public sector. The panellists included Salman Amin from the Ministry of Privatisation, Adnan Rafique from the Department of Auditor General of Pakistan, Inam Ullah Kakra from KPMG and Shahzad Hassan, Accountant General of Pakistan Revenues, Controller General of Accounts.

The second panel discussion deliberated on recent developments in public sector reforms and transformation. The keynote for the session was delivered by Abbas Naqvi, Partner and Head of Risk Management at KPMG. The panellists included Noaman Ali from The World Bank Pakistan, Nadeem Wali from USAID, Kamran Rashid Khan from the Department of Auditor General of Pakistan, Anam Hussain from Oxford Policy Management, and Naveed Aziz from the Foreign, Commonwealth & Development Office.

ACCA’s global head of public sector, Alex Metcalfe, presented on the role of government balance sheets for sustainable public finances. Hammad Yunus, CEO, PFM Solutions, delivered a keynote explaining ACCA’s PFM capacity building framework aimed at strengthening and enhancing the results of PFM reforms through professionalization of the public sector and alignment with the national sustainability agenda. It was highlighted that the sustainability reporting and assurance are evolving rapidly and will play an increasingly prominent role in the public sector.

The conference concluded with closing remarks delivered by Asad Mehmood Malik, Head of Business Development – North, ACCA Pakistan.

The event was well-attended and provided a forum for public sector specialists and professionals to stay abreast with the latest in the public sector and learn from the experts.

Pakistan (Muhammad Yasir)

As employers around the world today mark International Women’s Day, ACCA is emphasising the importance of flexible working and training in accelerating diversity.

Remote and hybrid work, education and training are proving invaluable in extending access to opportunity and ACCA is calling on employers to maintain the momentum.

Following the completion of a major piece of research surveying 8,000 finance professionals around the world, ACCA has found most people want hybrid working, believing it makes them more productive, with additional benefits reported by women.

ACCA’s 2023 Global Talent Trends report found that while men and women valued hybrid working almost equally (at 88% and 86% respectively), women felt the benefits of remote working more significantly, with 73% of women saying felt they were more productive when they worked remotely, in comparison to 66% of male respondents.

Findings of the research suggest hybrid working also leads to better outcomes overall in terms of mental health and retention, with hybrid workers less likely to leave their organizations. But employers are still working through the potential impact on teamwork and collaboration.

Women felt better able to manage the impact of remote working on collaboration and engagement, with a lower percentage reporting they found collaboration harder when working remotely (43% in comparison to 52% of male respondents), or that they felt more disengaged.

ACCA Chief Executive, Helen Brand OBE, said: “Flexible approaches to working are bringing significant benefits to all, but can particularly helpful to those where geographical, financial or additional commitments create restrictions that can impact on working location or hours.

“The cultural changes brought about by the pandemic, along with evolving technology, mean remote work and study is now an option for a greater diversity of people. As employers consider the culture of their organizations, it’s important this inclusivity benefit is kept front of mind.”

While not all work and study can be undertaken remotely, such as in the healthcare and construction sectors, increasing flexibility and access where it is an option can increase diversity. ACCA is committed enhancing inclusivity for its members, and future remembers, and remote learning and exams also plays a part in extending the opportunity of professional careers to many more people.

Helen Brand added: “E-learning has brought extra flexibility to study, giving people who live in remoter areas, or with challenging commitments outside of study, the scope to build education into their lives. It opens up the promise of a profession to many who might have been excluded until now.”

Download the full ACCA Talent Trends report here.

Find out more about ACCA’s International Women’s Day activities here.